02.08.2012

Hertz up 11%

US based Hertz Equipment Rental has reported over 11 percent revenue growth in the first half and a return to profitability.

Total revenues for the six months to the end of June were $637.1 million, 11.8 percent up on the same period last year. Pre-tax profits were $38.2 million compared to a loss of $21 million in the first half of 2011.

The second quarter saw similar levels of growth with revenues up 11 percent to $335 million and pre-tax profits of $28.1 million compared to a loss of $13.3 million in the same quarter last year.

Chief executive Mark Frissora said: "We delivered strong revenue and earnings growth again in the second quarter of 2012, and achieved several record results, despite moderate global GDP growth. Our second quarter 2012 results are a testament to fostering a culture of continuous improvement as we delivered a 390 basis point improvement in direct operating expenses and $107 million in incremental efficiency savings for the quarter."